NEW DELHI : The Union cabinet on Wednesday approved an extension till end September for availing free cooking gas cylinders under the marque Pradhan Mantri Ujjwala Yojana (PMUY). The earlier announced Pradhan Mantri Garib Kalyan Yojana (PMGKY) package included providing women of 83 million below poverty line (BPL) families with free cooking gas cylinders for…
City gas distribution stocks are feeling the heat this week. Shares of Indraprastha Gas Ltd (IGL), Mahanagar Gas Ltd (MGL) and Gujarat Gas Ltd have declined in the range of 6-8% since Friday. Concerns over competition and the resultant adverse impact on profitability have weighed on investor sentiment. In a conference call with investors and…
New Delhi, Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Wednesday said with easing of lockdown restrictions, it has resumed work on projects worth ₹1.04 lakh crore which will help address future energy demand as well as kickstart the economy. IOC said it is on track to achieve its planned capital spending of…
Oil prices started the week down slightly on Monday as investors remained alert to the progression of the COVID-19 pandemic, a compass for anticipating the evolution of demand for black gold. At around 5:45 a.m., a barrel of North Sea Brent for September delivery was worth $ 42.87 in London, down 0.63% from Friday’s close.In…
NEW YORK – Oil prices were little changed on Monday as coronavirus cases increased in many countries, though cautious investor optimism about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses. Brent crude was down 6 cents, or 0.1%, at $43.08 per barrel…
LAUNCESTON: China’s refineries imported and processed record amounts of crude oil in June, and while these are undoubtedly bullish economic signals, it’s worth noting that flows into storage tanks were also likely at an all-time high. The massive amount of crude being stored in China may end up weighing on oil imports from August onwards,…
Brazil’s crude oil exports to Asia increased during the first half of the year as most of the country’s competitors for the Asian market cut production to match the slump in oil demand driven by the coronavirus outbreak. Reuters reports that Brazilian oil exports to Asia averaged 1.07 million bpd during the first half of…
JERUSALEM: The Israeli government on Sunday approved an agreement with European countries for the construction of a subsea pipeline that would supply Europe with natural gas from the eastern Mediterranean. The Eastmed pipeline, which has been in planning for several years, is meant to transport gas from offshore Israel and Cyprus to Greece and on…
ISTANBUL: Turkey’s Fatih vessel has begun drilling for oil and natural gas in the Black Sea for the first time, Energy Minister Fatih Donmez said on Monday. Donmez said on Twitter that the ship began drilling in the Tuna-1 region. Fatih was located some 100 nautical miles north of Turkey’s Black Sea coastal province Zonguldak,…
Researchers from the University of Hyderabad (UoH), the National Institute of Oceanography (NIO) and the Oil and Natural Gas Corporation (ONGC) have discovered a geological faultline that could trigger a major coastal hazardous event in and around Visakhapatnam. The research team, comprising Prof K.S. Krishna and Dr M. Ismaiel from UoH, Dr K. Srinivas from…
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